HomeMy WebLinkAboutExhibitExhibit "A"
Transferring Funds to Model Housing Cooperative, Inc.
Sources of Reallocation
Amount
Recommended Redistribution of
Activity Name/Description
Amount
funds to Agencies
City of Miami - Department of
Community Development - Housing
Reserve
$3,000,000.00
Model Housing Cooperative, Inc.
(IDIS 2430)
Construction of Housing for a 32 unit,
mixed -use, homeownership affordable
housing development located at 1475
West Flagler Street, Miami, Florida
("Villa Dr. Godoy Project")
$3,000,000.00
EXHIBIT B
Legal Description of the Property
Lots 11, 12 and the West 1/2 of Lot 13, Block 63 of LAWRENCE ESTATES LAND
COMPANY'S SUBDIVISION, according to the Plat thereof as recorded in Plat Book 2, Page(s)
46, of the Public Records of Miami -Dade County, Florida.
a-c)--)14,
C- "
PEDRO G. HERNANDEZ, P.E.
CITY MANAGER
1Tit of 41lianti
May 9, 2008
BY ELECTRONIC DELIVERY (Lawrence.Perry@suntrust.com)
AND U. S. MAIL
Mr. Lawrence Perry
SunTrust Bank
P.O. Box 4418
Atlanta, GA 30302
Attention -GA Atlanta-1986
RE: Villas Godoy Project
Dear Mr. Perry:
P.O. BOX 330706
MIAMI, FLORIDA 33233-O70E
(305)250-S400
FAX (305) 250-S410
This letter is written to confirm matters discussed between representatives of SunTrust
Bank, Miami -Dade County and the City of Miami, regarding the Villas Godoy project (the
"Project"), during a telephone conference call held on April 30, 2008 and subsequent
co.mrntuiications. On April 30;. with you, F. Mark Vasani and Steven Mishan, Esq. represented
SunTrust Bank ("SunTrust"), Tangie White Jackson and Jose Cintron represented Miami -Dade
County, and Basil Binns, George Mensah, Sergio Garcia, Lori Soto, Ilene Temchin, Esq. and I
represented the City of Miami.
It is my understanding that SunTrust Bank holds the first mortgage position on the
property commonly described as the Villas Dr. Godoy, legally described on Exhibit A attached
(the "Property"). The City of Miami hereby confirms its offer to purchase SunTrust Bank's first
mortgage position on the Project/Property for $2.817 million.
This offer is subject to the following terms:
1. SunTrust assign to the City its loan and first mortgage position on the
Project/Property, including its interest in and to the note, mortgage and other loan
documents and collateral executed in connection therewith.
2. The default interest rate on SunTrust's loan be waived effective April 30, 2008
until the date of Closing.
5T Cr-
t7
Mr. Lawrence Perry
SunTrust bank
Villas Godoy Project
May 9, 2008
Page 2 of 3
3. The Closing of the purchase of the loan take place as soon as reasonably possible
after City Commission approval of the transaction. The item will be presented for
City Commission authorization at the City Commission meeting of June 12, 2008,
with an anticipated Closing date on or about June 19, 2008.
Given the requirements for public hearing of proposed fundings and publication
of public notice in connection therewith, June 12 is the soonest Commission
meeting at which the item can be heard. After City Commission approval, the
item would become effective at the end of ten calendar days from the date it was
passed and adopted, unless sooner signed by the Mayor. We anticipate that the
Mayor will sign the item directly after Commission approval to allow for Closing
as soon as possible thereafter.
4. The Closing be subject to: (1) the City's review of SunTrust's loan, collateral and
related files, and (2) the execution of documents for the transaction in form and
substance satisfactory to our respective attorneys. Given the short time frame for
the transaction, kindly have your attomeys provide draft assignment documents
directly to Assistant City Attorney Ilene Temchin as soon as they can be prepared.
IT:db
dab:Document 120208
Very truly yours,
g
Chief Financial Officer
Mr, Lawrence Perry
SunTrust bank
Villas Godoy Project
May 9, 2008
Page 3 of 3
Exhibit A
Lots 11, 12 and the West of Lot 13, Block 63 of LAWRENCE ESTATES LAND
COMPANY'S SUBDIVISION, according to the Plat thereof as recorded in Plat Book 2, Page(s)
46, of the Public Records of Miami -Dade County, Florida.
dab:Document 120208